An abbreviated version of the fight song, based on the final refrain, is played after the football team either scores or makes a decisive defense play, such as an interception. Its full lyrics span several verses that run of more than two minute duration. The melody of the fight song is very similar to the trio section from "The Spirit of Liberty March", published seven months earlier by Tin Pan Alley composer George "Rosey" Rosenberg.[4] This song is often referred incorrectly to as "Hail to the Victors".

The phrase "champions of the West" is often misunderstood; it is a reference to Michigan's membership in the Western Conference, later renamed the Big Ten. After Michigan temporarily withdrew from the Western Conference in 1907, a new Michigan fight song "Varsity" was written in 1911 because the line "champions of the West" was no longer relevant.[5] Both songs were highly popular, and with Michigan's reentry to the Western Conference in 1917, followed by an undefeated football season in 1918,[6] the lyrics to The Victors became apt once again.

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Louis Elbel conducting the Michigan Marching Band in "The Victors," 1958

Various versions of the song are used at UM functions, including two versions the marching band often plays at football games, a calypso version named "The Calyptors", and a ragtime version called "Hoover Street Rag", named after the band's home on E. Hoover Ave. The chorus of the song ("Hail! to the victors valiant," etc.) is played at all University of Michigan sports competitions, as well as many UM band events, first year student orientation and welcoming events, and graduation commencement ceremonies. Many attendees will stand when it is played sing along and clap in rhythm until the chorus when attendees include at each repetition of the word "Hail!" a thrusting in the air of fists. The fist raising has become well accepted as an indication of school spirit. Attendees at sport events have started to yell the phrase "Go Blue!" at the conclusion of the chorus. Attendees at hockey games, have commonly insert "Let's Go Blue!" between the two stanzas of the chorus after "leaders and best" and then is to conclude with "Go Blue!" When hockey games started play at Yost Ice Arena attendees have begun adopting the abbreviated football game version but continue to include "Let's Go Blue!" and conclude with "Go Blue!".

The popularity of UM athletics and "The Victors" have prompted the song being used by the University of Michigan in its advertising. Commercials for the University of Michigan Health System's "The Michigan Difference" campaign have featured the words to the chorus of "The Victors" over pictures of children in hospital beds, amputees and post-surgical patients living active lives, and doctors performing surgery. The musical accompaniment to these commercials is a light chamber orchestra/pop rendition of the fight song.[10]